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« German Finance Minister Tells EU Leaders: Free Money Party's Over | Main | Portugal: A(nother) Central Bank Story »
Wednesday
Aug272014

Gold Shines Most in September on Seasonal Buys

By Nicholas Larkin

Gold investors hurting from prices within 1 percent of a two-month low can find solace from history showing the metal tends to perform best in September.

The CHART OF THE DAY shows bullion averaged gains of 3 percent each September over the past 20 years, beating next-best month November, when prices rose an average 1.8 percent. Gold reached $1,273.14 an ounce on Aug. 21, the lowest since June 18.

Buying typically increases with India’s festival period, which runs from late August to October and is followed by the wedding season, times when bullion is bought for part of the bridal trousseau or in jewelry form as gifts from relatives. Chinese purchases may also increase toward year-end, before the country’s Lunar New Year celebration in February. The nation replaced India as the largest user in 2013.

The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

 

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